LendInvest has financed a £12m development project in Wedmore, Somerset.
The loan was completed in under eight weeks and LendInvest says it provided finance for the majority share of a 55 home residential development.
The properties are made up of two, three and four-bedroom homes, of which 40% are affordable housing.
The £12m loan provision is based on an LTC of 90%, with the total GDV for the development forecast to exceed £19.6m.
Ian Thomas, co-founder and chief investment officer at LendInvest, said: “Given the desirable location and the borrower’s extensive experience delivering quality projects nationally, we were delighted to get the opportunity to finance this project.
“The borrower was operating within a tight timeframe, requiring the team to move quickly and work closely with the borrower to get the funding in place.
“Here at LendInvest we are lucky to have a team possessing a wealth of expertise and more importantly, the experience of dealing with a wide variety of projects.”
Melanie Omirou, group managing director at Acorn Property Group added: “It’s always a delight to work with the team at LendInvest.
“After working together on a number of key deals over the last couple of years, we thought of them immediately for this development.
“Speed was crucial for this project, and from beginning to end the team worked swiftly to facilitate the loan in a tight timeframe.
“We’re currently working on more exciting projects with LendInvest – long may the relationship continue.”